Strong growth in European markets helps ensure 2007 performance is on target
Heywood Williams has announced that 2007 profit will not be hit by the downturn in the American housing market.
The product supplier said that strong growth in the UK and Europe during the six months to June 30 will cushion the affects of the hard landing in the US housing market.
It predicted that earnings will increase in the fourth quarter due to plans to increase the sourcing of products from low-cost countries.
The firm’s US specialist distribution business LaSalle Bristol reported a fall in profits in the same period, but Heywood Williams predicted rigorous cost reduction plans will align its cost base to the lower market demand.
Overall group performance is expected to improve in the second half of 2007.
Heywood Williams this morning announced the appointment of Stephen Rogers as independent non-executive director. Rogers will also be chairman of the audit committee.
Rogers was previously senior partner at Pricewaterhousecooper and a member of the management team at its northern assurance practice.